EM ASIA CREDIT: Adani Ports: Focus on governance

Germany, France, Austria and Italy are due to sell bills this week. We expect issuance to be E18.8bln in first round operations, up from E14.8bln last week.

• This morning, Germany will look to sell E2bln of the 3-month Nov 19, 2025 Bubill and E3bln of the 9-month May 13, 2026 Bubill.
• This afternoon, France will look to issue up to E7.8bln of 13/26/28/50-week BTFs: E2.8-3.2bln of the 13-week Nov 26, 2025 BTF, E0.2-0.6bln of the 26-week Feb 25,2026 BTF, E1.6-2.0bln of the new 28-week Mar 11, 2026 BTF and E1.6-2.0bln of the 50-week Aug 12, 2026 BTF.
• Tomorrow morning, Austria will look to come to the market with E1bln of the 2-month Oct 30, 2025 ATB and E2bln of the new 3-month Nov 27, 2025 green ATB.
• Finally on Wednesday morning, Italy will look to sell E3bln of the 5-month Jan 30, 2026 BOT.

• RES 4: 5575.00 High Mar 3 and a major resistance (cont) 
• RES 3: 5568.00 High Mar 6  
• RES 2: 5526.00 High Mar 19 / 20 (cont) 
• RES 1: 5522.00 High Aug 22 
• PRICE: 5487.00 @ 06:19 BST Aug 25
• SUP 1: 5409.83 20-day EMA
• SUP 2: 5370.47 50-day EMA 
• SUP 3: 5280.00 Low Aug 7 
• SUP 4: 5249.00 Low Aug 5   

The trend set-up in Eurostoxx 50 futures is bullish and the contract traded to a fresh short-term cycle high last week. The recent print above the May and July highs strengthens a bull theme and signals scope for a climb towards 5575.00, the Mar 3 high (cont) and key resistance. Moving average studies are in a bull-mode position, highlighting an uptrend. Support to watch lies at 5370.47, the 50-day EMA

• RES 4: 107.300 Round number resistance  
• RES 3: 107.245 High Jul 24
• RES 2: 107.164 50-day EMA
• RES 1: 107.086 20-day EMA
• PRICE: 107.020 @ 06:02 BST Aug 25
• SUP 1: 106.985 Low Aug 15
• SUP 2: 107.964 1.618 proj of the Jul 7 - 11 - 22 price swing 
• SUP 3: 106.928 1.764 proj of the Jul 7 - 11 - 22 price swing
• SUP 4: 106.870 2.000 proj of the Jul 7 - 11 - 22 price swing

The trend outlook in Schatz futures is unchanged, a bearish theme remains intact. The contract traded lower on August 15, resulting in a print below 106.990, the Aug 12 low. A clear breach of this level would resume the downtrend and mark an extension of the price sequence of lower lows and lower highs. This would open 106.964, a Fibonacci projection. Initial resistance is 107.086, the 20-day EMA.